RAKEZ and ICC ink a landmark MoU to boost business, economic growth, and travel opportunities, strengthening UAE-India ties and fostering mutual collaboration.

Ras Al Khaimah Economic Zone (RAKEZ) and the Indian Chamber of Commerce (ICC) have inked a Memorandum of Understanding (MoU) aimed at bolstering business prospects and fostering economic growth between the UAE and India.

The MoU was signed by RAKEZ Group CEO Ramy Jallad and ICC Regional Director Ratheesh Nair. This collaboration enables both entities to tap into extensive business networks, with RAKEZ gaining access to the Indian business community through the ICC, and ICC members finding new opportunities for growth in the UAE market.

Commenting on the partnership Jallad said, “This collaboration with the Indian Chamber of Commerce represents a strategic milestone for RAKEZ as we continue to support and facilitate the growth of Indian businesses in the UAE. Our active efforts in promoting the Comprehensive Economic Partnership Agreement (CEPA) with India through roadshows, investor meets, and regular exchanges, have laid a strong and reliable foundation for developing and maintaining partnerships with more Indian business groups.”

The ICC is instrumental in advancing trade, industry, and commerce within India, particularly in the Eastern and North-Eastern regions. It has also formed a cooperative alliance with the UAE-India CEPA Council, reinforcing its commitment to facilitating bilateral trade.

Highlighting the significance of the partnership, ICC Director General Dr. Rajeev Singh said, “The UAE and India have long enjoyed a dynamic trade relationship. This MoU with RAKEZ opens new doors for our members and Indian entrepreneurs to explore and establish their presence in one of the fastest-growing economic zones in the region. We are excited about the prospects this partnership holds for Indian enterprises.”

The UAE stands as India’s third-largest trading partner and second-largest export destination. Within RAKEZ, around 6,000 Indian companies are thriving, enriching a diverse industrial landscape that includes major players such as Ashok Leyland, Dabur, Mahindra, Royal Gulf Industries, Sejal Glass, Motherson, and Bosco Aluminium.

In its ongoing efforts to strengthen economic ties with India, RAKEZ recently hosted a business delegation from the PHD Chamber of Commerce and Industry in Ras Al Khaimah. The delegation, comprising representatives from sectors such as healthcare, agri-food processing, leather, IT, and AI, explored business opportunities and toured key locations in the emirate, including Marjan and various facilities within the economic zone.